Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q3 2023 Earnings Presentation
13 slides from Stifel Financial's earnings presentation, Oct 25, 2023
Slide 1: Third Quarter 2023 Financial Results Presentation
Third Quarter 2023 Financial Results Presentation October 25, 2023 Quarterly Earnings Report
Slide 2: Third Quarter Snapshot
Third Quarter Snapshot 3Q23 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q23: GAAP & NON-GAAP $1,045 3Q23: GAAP $59 & NON-GAAP $67 3Q23: GAAP $0.52 & NON-GAAP $0.60 YTD: GAAP & NON-GAAP $3,203 YTD: GAAP $332 & NON-GAAP $365 YTD: GAAP $2.91 & NON-GAAP $3.20 ANNUALIZED R
Slide 3: Variance to Consensus Estimates
Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 3Q23 3Q23 Mean %Δ ■ Commissions & Principal Transactions: Revenues Operating ANALYST Commissions + Principal transactions
Slide 4: Wealth Management: A Key Growth Driver
Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 Net Revenue (millions) $2,500 $2,000 $1,500 $1,000 $500 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023* Brokerage Asset Management & Service Fees Net Interest Investment Bankin g & Other *2023 GWM Net Revenue based on annualized
Slide 5: Third Quarter Results
Third Quarter Results FINANCIAL RESULTS Sequential NET REVENUE millions 3Q23 Y/Y Change 2023 YTD VS 2022 YTD Change $1,400 Global Wealth Management $769 10% 1% $2,284 10% $1,200 $1,122 $1,107 Institutional 257 -24% -7% 867 -27% $1,045 $1,051 $1,045 Other 20 nm 31% 52 nm $1,000 Net revenue 1,045 0% -
Slide 6: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 3Q23 Y/Y Change Change 2023 YTD VS 2022 YTD ■ Record Quarterly & First Three Quarters’ Net Revenue Transactional $166 6% 5% $485 -4% ■ Second Highest Quarterly Asset Management Asset Management 333 11% 4% 969 -1
Slide 7: Strong Bank Fundamentals
Strong Bank Fundamentals SLOWING CASH SORTING NIM STABLE DESPITE RISING DEPOSIT $3,811 $3,969 COSTS 7.00% $2,068 $1,747 6.00% $1,080 $905 millions $599 $726 $381 $288 5.00% 4.00% 3.64% 3.57% 3.53% 3.43% 3.00% ($1,230) 3.00% ($2,022) ($2,494) 2.00% ($3,640) 1.00% ($4,364) 3Q22 4Q22 1Q23 2Q23 3Q23 0.0
Slide 8: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 3Q23 Y/Y Change 2023 YTD VS 2022 YTD Change Advisory $97 -42% 11% $336 -39% ■ Ranked #1 in Municipal Issuance YTD with 13.8% Capital Raising $46 -10% -39% $177 -4% Market Share Transactional $114 -5% 1% $351 -20% ■ Increa
Slide 9: Expenses
Expenses NON-GAAP EXPENSES & PRE-TAX INCOME Non-GAAP EXPENSE RATIOS 65% 35% Non-compensation Ratio millions 3Q23 3Q22 Y/Y Change 63% 30% Compensation Ratio 61% 25% Compensation $606 $606 0% 59% 20% Non-compensation Expense, $302 $209 44% 57% 58.0% 58.0% 15% Ex. IB Gross Up & Credit Loss 58.0% 58.0%
Slide 10: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $40,000 $37,612 $37,196 $38,598 $37,298 $37,878 22.0% ■ Repurchased 1.9 million Shares $38,000 20.0% $36,000 ■ Approved Additional 10 million Share $34,000 18.0% $32,000 17.6% 17.3% Repurchase Authorization 16.0% millions 17.0% 16.8% 1
Slide 11: Concluding Remarks
Concluding Remarks Quarterly Earnings Report
Slide 12: Third Quarter 2023 Financial Results Presentation
Third Quarter 2023 Financial Results Presentation October 25, 2023 Quarterly Earnings Report
Slide 13: Disclaimer
Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and futu